Memecoin Generator Pump.Fun was beaten with another collective claim proposed on Thursday, accusing the company and its executives to raise almost $ 500 million in rates while violating US securities laws.
The demand, presented in the Southern District of New York (SDNY), depends on the greatest persistent question of the cryptographic industry: when is a token security? Although the demand claims that each token created with the pumping platform. According to the new Donald Trump administration, the United States Stock Exchange and Securities Commission (SEC) has indicated that the course of cryptographic regulation is changing, creating a new cryptographic working group responsible for establishing a clear regulatory framework for the industry .
The main plaintiff in Thursday’s demand, Diego Aguilar, said he had lost money by exchanging three bombs. Although pump.fun does not create any of the tokens covered in the demand, the presentation accuses the company of “Orchestrat[ing] This scheme when providing automated tools that allow anyone to create and sell digital tokens almost worthless in minutes “and, therefore, qualifies as a” joint emitter “of all tokens launched on their platform.
Aguillar’s demand appoints a company registered in the United Kingdom called Baton Corporation, which alleges that it is the Pump.fun operator, as well as three of the company’s co -founders: Coo Alon Cohen, Cto Dylan Kerler and CEO Noah tweedale. Cohen declined to comment, telling Coendesk that he was speaking for himself and not for the company. The other team members could not reach the time of publication.
The law firm that filed the lawsuit, Wolf Popper LLP, based in New York, filed another collective claim against Pump. Fun only two weeks ago. That lawsuit, filed on January 16, has a different principal, but accuses in a similar way to Baton Corporation and its three co -founders of selling unregistered security: the token pnut, a memory with a sole -headed memory inspired by Peanut the Squirrel, that the demand affirms a market capitalization of $ 1 billion. At the time of publication, the Token PNUT has dropped 89% from its maximum of $ 2.25 last November.
Wolf Popper LLP, together with the firm Burwick Law, of the cryptographic litigation, is also behind the recent collective lawsuit filed against the promoters of Token Hawk, a memecorador linked to the influence Hailey Welch, also known as Hawk Tuah.
Although Pump.Fun only launched a year ago, the Memecoin factory based in Solana is no stranger to the controversy. Last March, the United Kingdom’s financial regulator issued a warning against the platform, which led to the bomb. Fun to prohibit users based in the United Kingdom. It was also criticized for its now deactivable live broadcast feature, which allowed some users to promote their tokens with violent or sexual content.
Read more: Crypto Gets Shock Video makes users transmit NSFW content to pump their memecoins
Demand seeks to damage and lawyers.
Danny Nelson contributed reports.
